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HomeEconomyNippon Express Holdings to buy Austria's Cargo-Partner for $743m

Nippon Express Holdings to buy Austria’s Cargo-Partner for $743m

 Nippon Express Holdings, the holding company of Nippon Express, will purchase a majority stake in Austrian logistics company Cargo-Partner for over 100 billion yen ($743 million), Nikkei has learned.

Japan’s domestic market is not expected to grow in the medium to long term due to a shrinking population and other factors. Nippon Express hopes the acquisition of the Cargo-Partner, which is strong in Europe, the U.S., and Asia, will help it become more competitive in international logistics.

An agreement is expected to reached by the end of Friday. If the deal goes through, it will be Nippon Express Holdings’ largest acquisition to date.

Cargo-Partner operates a forwarding business: It purchases cargo space from carriers such as airlines and shipping companies and offers that space to shippers. The company operates air, sea, and land transportation and warehousing businesses in 40 countries in Europe, North America and Asia. It has sales of more 300 billion yen annually.

Source : NIKKEI

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